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2013 Economic Development for a Growing Economy (EDGE) Tax

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2013 Economic Development for a Growing Economy (EDGE) Tax 2013 Economic Development for a Growing Economy (EDGE) Tax Credit Program Annual Report Contents Director’s Letter ........................................................................................... i EDGE Tax Credit Program Introduction ..................................................... 1 EDGE Eligibility Requirements ................................................................... 2 Table of Competitors’ Tax Credit Programs ............................................... 3 EDGE Tax Credit Program Summary ........................................................ 4 Summary of Projects approved during Calendar Year 2013 ...................... 5 Description of Projects approved during Calendar Year 2013 ................... 8 Update on Projects Prior to 2013 ............................................................. 36 ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY (EDGE) TAX CREDIT PROGRAM CALENDAR YEAR 2013 REPORT One of the most successful economic development tools provided by the General Assembly and Governor Pat Quinn is the Economic Development for a Growing Economy (EDGE) Tax Credit Program. The EDGE Tax Credit Program is a targeted tax incentive program that provides tax credits for businesses that create new full-time jobs, retain existing full-time jobs and make capital investments in Illinois. The EDGE Tax Credit Program is designed to help areas of Illinois that are in direct competition with other states for jobs and development. The following report identifies the guidelines and accomplishments of the EDGE Tax Credit Program. 1 EDGE ELIGIBILITY REQUIREMENTS The Illinois Economic Development for a Growing Economy (EDGE) Tax Credit Program is intended to help the state compete with other states for the location of job creation or retention projects. The Illinois EDGE Tax Credit Program is operated by the Illinois Department of Commerce and Economic Opportunity. Based on a review of a written application submitted by an interested firm, the Department is authorized to designate qualified businesses as “eligible”. Eligible businesses may claim a nonrefundable tax credit against their state income taxes. (The amount of the tax credit is calculated based on the income taxes paid by new employees and the retained employees.) The designation is contingent upon the business undertaking a development project that: Involves at least $5 million investment in capital improvements placed in service in Illinois and employs at least 25 New Full-Time Employees within the state as a direct result of the project; or Involves at least a $2.5 million investment in capital improvements placed in service in Illinois and employs at least 50 New Full-Time Employees as a direct result of the project; or Involves an investment in a sufficient amount to employ at least 25 New Full-Time Employees, provided the project is located within or serves a distressed area or hires low- income workers; or Involves an investment at a level specified by the Department in capital improvements to be placed in service; employs New Full-Time Employees within the state at a level specified by the Department; and provides substantial economic benefit to the state, as determined by the Department. The Director may approve projects that do not meet the minimum job creation and investment thresholds for an applicant meeting all other requirements in the Act, providing that one or more of the following conditions are met: A) The applicant’s business is located in a distressed community with an unemployment rate which is higher than the state’s average; or B) The applicant’s business is located in an area with limited economic development prospects as evidenced by prior and current development activities; or C) Approval would support a business with potential to generate additional growth in the area and create jobs as a result of spin-off businesses; or D) Approval would avert the loss of one of the area’s major sources of employment. Involves a company with 100 or fewer Full-Time Employees whose investment will be at least $1,000,000 in capital improvements which will be placed in service at a designated site in Illinois and employ at least 5 New Full-Time Employees at a designated site as a direct result of the project. 2 COMPETITORS’ TAX CREDIT PROGRAMS Illinois’ primary competitors for business locations and expansions are the bordering states of Kentucky, Indiana, Iowa, Missouri and Wisconsin. These states have similarly adopted tax credits as incentives for businesses locating or expanding operations. Those programs most similar to the EDGE Tax Credit Program in neighboring states are: Economic Development for a Growing Economy (EDGE) – Indiana IA Industrial New Jobs Training Act – Iowa Kentucky Rural Economic Development Act (KREDA) – Kentucky Table I below shows the similarities of the programs and highlights the advantage of the Illinois EDGE Tax Credit Program: TABLE I Illinois Indiana Iowa Kentucky Minimum Jobs 25+ Expected but +10% increase in 15+ Created not Specified base employment Length of 10 Years 10 Years 1 Year 15 Years Incentive Minimum $5,000,000 Not Specified Not Specified $100,000 Investment The Table illustrates that the EDGE Tax Credit Program is competitive with those of bordering states. Other competing states in which Illinois was chosen as the final project site include the following: Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Kansas, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin. 3 EDGE TAX CREDIT PROGRAM SUMMARY DCEO has received 842 EDGE Tax Credit applications from December 22, 1999, through December 31, 2013. The breakout of these 842 applications is as follows: 726 EDGE applications approved 227 EDGE applications withdrawn 9 EDGE applications pending approval 774 Signed EDGE Agreements 1173 Tax Certificates issued 254 Number of different companies who received Tax Certificates $832.7 M Total amount of tax credits issued 4 The following is a summary of the projects, which were approved in Calendar Year 2013 (January 1, 2013 through December 31, 2013) PROJECTED CITY JOBS JOBS COMPANY REGION PRIVATE $ (Illinois) CREATED RETAINED INVESTMENT 1 Aardvark Trading LLC and its Affiliates Chicago NE 5 0 $1,000,000 2 Addus Healthcare, Inc. Downers Grove NE 50 110 $9,403,693 3 Advanced Technology Services, Inc. #2 Schaumburg NE 40 101 $7,843,390 Airgas Inc. and its subsidiaries including 4 Minooka NE 26 0 $39,000,000 Airgas Merchant Gases, LLC 5 All World Machinery Supply, Inc. Roscoe NS 15 47 $4,367,308 6 American Mattress, Inc. Addison NE 25 63 $5,850,013 7 AptarGroup, Inc. Crystal Lake, Cary, McHenry NE 0 504 $5,600,000 8 Art Van Furniture - Midwest, LLC Bolingbrook NE 35 0 $4,911,912 9 Assisted Living Concepts LLC Chicago NE 100 0 $12,683,223 10 Assurance Agency, Ltd. Schaumburg & Chicago NE 33 66 $5,109,195 11 BioLife Plasma, LLC O'Fallon SW 35 0 $5,524,501 12 Butterball, LLC Montgomery NE 75 0 $24,001,379 Caidan Enterprises, Inc. and its subsidiaries including Meredian Health 13 Chicago NE 97 0 $7,329,795 Plan of Illinois, Inc. and Caidan Management Company, LLC 14 Canon U.S.A., Inc. and its subsidiary Itasca, Schaumburg NE 64 351 $31,741,974 15 Central Refrigerated Service, Inc. Rochelle NS 40 0 $2,025,000 16 Century Aluminum Company Chicago NE 20 0 $2,349,664 17 Chicago Mold Engineering Co., Inc. St. Charles NE 25 0 $5,344,363 18 CNH America LLC Goodfield NC 25 45 $25,700,000 Coeur Mining, Inc. f/k/a Coeur d'Alene 19 Chicago NE 60 0 $5,235,512 Mines Corporation 20 Con Agra Foods, Inc. & Subsidiaries Downers Grove NE 30 0 $4,000,000 21 ContextMedia, Inc. Chicago NE 35 10 $6,998,300 22 CPG International Inc. and its Subsidiaries Skokie NE 29 0 $2,340,743 23 Culinary Meats, LLC Bartlett NE 51 0 $8,940,168 24 CVS Pharmacy, Inc. and its affiliates Mt. Prospect NE 100 0 $10,802,443 25 Datatrak International Inc. Chicago NE 20 0 $1,787,880 26 Dexter Magnetic Technologies, Inc. Elk Grove Village NE 25 78 $1,919,669 27 Dot Foods and Subsidiaries #2 Mt. Sterling WC 50 0 $12,000,000 28 Electri-Flex Company Roselle NE 15 0 $5,200,000 29 Elliott Aviation of the Quad Cities, Inc. #2 Moline NW 50 0 $1,808,225 30 Empire Today, LLC Northlake NE 25 350 $7,178,627 31 FedEx Ground Package System, Inc. # 4 Sauget SW 25 0 $8,500,000 32 FER-PAL Construction USA LLC Elgin NE 8 0 $4,900,183 33 Filtration Group Corporation Oak Brook NE 15 9 $2,266,496 34 Freeway Rockford, Inc. Rockford NS 10 0 $1,350,000 Fresenius Kabi USA, Inc. and Subsidiaries 35 Melrose Park NE 40 496 $25,000,000 and Affiliates 36 Gogo Inc. and Subsidiaries Chicago NE 50 462 $77,343,414 37 Grady Enterprises, Inc. d/b/a Gorilla, Inc. Chicago NE 70 0 $2,399,034 5 PROJECTED CITY JOBS JOBS COMPANY REGION PRIVATE $ (Illinois) CREATED RETAINED INVESTMENT Greif, Inc. and its wholly owned subsidiary 38 Alsip NE 27 0 $10,000,000 Greif Packaging LLC 39 Halo Branded Solutions, Inc. Sterling NW 18 0 $1,675,000 40 Hill & Valley, Inc. Rock Island NW 25 140 $8,765,370 41 Insureon Holdings LLC Chicago NE 25 0 $2,606,317 42 Intouch Solutions, Inc. Chicago NE 50 0 $3,887,073 43 Joliet Cold Storage LLC Joliet NE 25 0 $25,100,000 44 Kapstone Container Corporation Aurora NE 30 0 $9,000,000 45 kCura Corporation Chicago NE 125 0 $12,796,869 46 Kent Nutrition Group, Inc. and Affiliates Bolingbrook NE 25 80 $3,666,321 47 Kraft Foods Group, Inc. & Affiliates #3 Granite City SW 30 410 $40,000,000 48 Land O'Frost, Inc. #2 Lansing NE 10 270 $2,000,000 49 Lanza Tech, Inc. Skokie NE 30 26 $14,754,013 Legal & General Investment Management 50 Chicago NE 18 45 $6,963,913 America, Inc.
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